China just posted a $451.71 billion trade surplus for the January-to-May period of 2026, according to figures from the General Administration of Customs. That’s a staggering number by any measure, though here’s the twist: it’s actually down from the $471.9 billion recorded during the same stretch in 2025.
May’s numbers tell the real story
The headline figure covers five months, but May was the standout performer. China’s trade surplus hit $105.43 billion for the month alone, marking the largest single-month surplus since January.
Exports drove the surge, climbing 19.4% year-on-year to reach $376.78 billion. That’s a record monthly export figure. Imports weren’t slouching either, rising 27.4% to $271.35 billion.
For the full January-to-May window, the growth rates were slightly more modest. Exports rose 15.5% while imports increased 24.5%. The fact that imports grew faster than exports explains why the cumulative surplus shrank compared to the same period last year, even as absolute trade volumes expanded significantly on both sides of the ledger.
